Black Sheep Coffee will look to double its estate this year to 70 through a mixture of M&A and organic site openings, after raising £13m in new private investment.

The speciality coffee shop operator is targeting further London, regional and international stores as it accelerates its expansion strategy.

The latest investment round values the coffee retailer at more than £100m, and brings its total raised to £25m.

Investors include Tellef Thorleifsson, an early investor in Spotify and founder of venture capital fund Northzone Ventures, and senior Coca-Cola executive Bill Schultz.

Co-founders Gabriel Shohet and Eirik Holth told the FT: “We’ve kept clear from private equity and venture capital-type investors in order to preserve our independence and instead looked for private investors who were customers of ours and who shared our long-term vision.”

Shohet and Holth launched the business with the help of £23,000 crowdfunded via online platform Kickstarter.

As well as the UK, Black Sheep is seeking to expand through Europe, the US and Asia, where Black Sheep has one shop in Manilla.